THE Mantra Hotel in central Albury has been put up for sale ahead of its opening.
Agents Colliers International has been engaged to sell the soon to be completed property with expressions of interest closing on Wednesday.
The hotel development next door to the Australian Taxation Office in Smollett Street has been previously valued at $30 million and is owned by Canberra developer John Russell.
Agent Gus Moors said it wasn’t unusual for developers to sell similar sized ventures upon or near completion.
“It is a prized possession for what will arguably be the best hotel in Albury once it opens,” he said.
“It will be great for the community to have a fresh, brand new hotel of that calibre in the market.
“It talks to the strength of the Albury economy and the demand for that sort of quality product.
“It is not unusual for developers to get something to fruition and then pass it onto someone who specialises in hotel ownership.”
The Mantra Group released a statement on the decision to sell the Albury property.
“Given we are not the hotel owner, we cannot comment on the owner’s reasons for listing the property for sale,” a spokesperson said.
“Mantra Group is currently working with the owner on opening the hotel in the coming months.
“Should the property be sold, Mantra Group will work with the new owner in accordance with the operating agreement.
“We are looking forward to bringing the Mantra brand to Albury and opening this fantastic new hotel.”
The 4.5 star Mantra Albury has 146 rooms, five conference areas, bar and restaurant and gym.
The hotel is the final major piece in the Volt Lane redevelopment which started in the early 2010s.
The multi-deck carpark and ATO offices were the first to be completed with the Kiewa Street multi-deck carpark, which opened late last year, also part of the original deal.
The lease on the Albury ATO building extends to 2027 .